The first British telecommunications operator, BT Group, announced Thursday that it will reduce its workforce by 55,000 jobs by 2030 in order to simplify its structure.
The announcement comes as the group reported a 5% increase in its adjusted Ebitda for the year ending March.
“This year we experienced pro forma growth in both revenue and EBITDA for the first time in six years,” Chief Executive Philip Jansen was quoted as saying in a statement.
simplified structure
“By continuing to roll out the fiber network, digitizing the way we work and simplifying our structure, by the end of the 2020s, BT Group will have a much smaller workforce and a dramatically reduced cost base,” he added.
For the new fiscal year, BT expects to post pro forma growth in revenue and EBITDA.
On the London Stock Exchange, BT shares tumbled more than 9% in early trading.
BT acknowledged that its annual normalized cash flow was at the lower end of the forecast range due to higher capital spending, particularly at its Openreach subsidiary.
Source: BFM TV
